Footage emerged Wednesday of the Republican lawmaker accused of insider trading talking on the phone when federal prosecutors allege he shared a tip-off with his son about an unsuccessful drug trial.
Rep. Chris Collins, R-N.Y., who was charged Wednesday morning by the U.S. Attorney’s Office for the Southern District of New York on multiple counts of securities and wire fraud, can be seen in the recording chatting on his phone while attending the 2017 White House congressional picnic.
VIDEO: Rep. Chris Collins speaking on his phone at last summer’s White House Congressional Picnic. The photo was taken at approximately 7:17 p.m. According to the indictment, Collins called his son Cameron at 7:16 p.m. (VIDEO: CBS) pic.twitter.com/EvSzrHTkY4
— News 4, WIVB-TV (@news4buffalo) August 8, 2018
[Opinion: The indictment of Chris Collins is another stain on Trump’s reputation]
Prosecutors allege in their 30-page indictment released Wednesday that Collins called his son Cameron Collins at 7:16 p.m. on June 22, 2017, shortly after he was told by the CEO of Innate Immunotherapeutics Limited that a multiple sclerosis drug the Australia-based pharmaceutical company was developing had failed a trial. Collins was the largest stockholder in the company.
“During the 6:08 minute call at 7:16:19 PM, however, Christopher Collins, the defendant, spoke to Cameron Collins, the defendant, and told him, in sum and substance, that MIS416 had failed the Drug Trial,” the indictment states. “Christopher Collins conveyed this material, nonpublic information to Cameron Collins knowing that it was in breach of his duties to Innate and anticipating that Cameron Collins would use it to trade and tip others.”
The video, pulled by CBS, is time-stamped to have been taken at 7:17 p.m.
Prosecutors further allege that Cameron Collins then used the information to make timely trades and to tip-off others, including his soon-to-be father-in-law. The trades allowed them to avoid $786,000 in losses, according to the indictment.
Chris Collins — along with Cameron Collins and Stephen Zarsky, the father of Cameron Collins’ fiancee, who were also charged — pleaded not guilty to all charges Wednesday afternoon in a New York federal court.
Their next court appearance is scheduled for Oct. 11.
